nuclear-news

Australia, Insurance and Transport, Regulation Of Direct Offshore Foreign Insurers – Further Developments – Deacons – 15/10/2008, Insurance

Australia: Regulation Of Direct Offshore Foreign Insurers – Further Developments
mondaq.com 15 October 2008
Article by Leisa Mikkelsen – “…………………………………….

Unless an exemption applies, it will be an offence for a DOFI to carry on insurance business in Australia without being authorised under the Insurance Act and thereby become subject to Australia’s prudential regime.

The Government has now formulated a number of limited exemptions. These are effected in the Insurance Amendment Regulations 2008 (Cth) which amends the Insurance Regulations 2002 (Cth). The changes were implemented on 1 July 2008 to coincide with the Amending Act……………………………The second exemption is for ‘atypical risks’. Atypical risks are defined in the Regulations to be policies which provide cover for loss or liability arising from the hazardous properties of nuclear fuel, material or waste,

Australia, Insurance and Transport, Regulation Of Direct Offshore Foreign Insurers – Further Developments – Deacons – 15/10/2008, Insurance

Tags: nuclear

October 16, 2008 - Posted by Christina Macpherson | Uncategorized